Administration

hope you get sorted phill. but you cant get blood out a stone so you either wait for a good outcome or you go in and take your gear back hope you get sorted mate.
 
Also, if they have gone bust, issue your final valuations immediatly in full for erect and dismantle as though the job had been completed which is in accordance with the contract you are both party too.
 
Mivan was merging with lagan the other week and deal fell through
 
if a company goes into receivership and are still trading then they are not in receivership as the administrators will take all monies materials and assets into account
they pay the income revenue, vat,and companies,banks etc first and the workers last,if their is anything left.
hope you get your money
 
philliosmaximus said:
Had a company that owe me a small fortune go into administration on Friday ,
but they are still trading , we have 4 sites going for them with a lot of gear tied up on one in particular, what i need to find out is if their still trading will i get paid what where owed by the administrator or do i need to get my backside into gear and get them struck and cleared , my problem is iam not sure if we can absorb the loss and stay afloat but i dont want to wait until the gates get locked on these sites and cant get our kit out .

Why would a company still be legally trading if the administrators have taken control .
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Phil, pm me their details, company number or trading name and I'll check them out on credit focus to see if they have a notice to disolve

---------- Post added at 03:10 PM ---------- Previous post was at 03:04 PM ----------

Financial Information

Working Capital£-3,820,000

Net Assets£-3,399,000

Net Worth£-3,399,000

They have two holding companies as well as a uk division and one in Antrim. Not looking good mate Give them 7 days notice to remove your scaffolding or you could be liable for any contra charges incurred if you don't give the notice. I'll do a bit more digging

---------- Post added at 03:17 PM ---------- Previous post was at 03:10 PM ----------

The uk holding companies details ( last years accounts)
Financial Information

Working Capital£0

Net Assets£0

Net Worth£0

There are no intentions to dissolve which they would have had to post if they were going to dissolve. They have an Irish holding company which is over a million in the red also. All of the companies ratings are between 10 and 11 with 100 being a top score.
Hope it helps
 
Or we get a gang of us off the forum and go and pay some people a visit...... Very sorry to hear this Phil. We've been through the same and unfortunately could not ride it out. However we have come back stronger and wiser. Hope you get it sorted.
 
One of your instincts is to hold out & do nothing & hope that they sort there shiiit out & pay u the monies owed. The problem is for you, is can you as a company survive the loss of the money owed, maybe but whats certain is you prob would not survive that & the loss of you gear,which tbh will be held up on site for months while the powers that be decide who what its worth & who owns it & all the moaning & tears will not allow them to release it legally.i actually know of a case where the recievers successfully prosecuted the scaffold company for "stealing"back its own materials for several thousand pounds which it then put into the kitty for paying back the creditors to which the scaffold company got 5p in the £1 of the outstanding invoice, the problem was they owed £15k of invoiceing but the stock was worth over £50k & although they got it back eventually it was too late & they also went down.
my advise to you,which i've done before it get the kit down,&back in ur racks as quick as possible,then just get in line & fight for your money.at least with ur gear back it can either earn for you or at worse be sold to lower ur loss...if you choose to ride the storm @ the very least pull all the brds off only to replace them or do other work on site with an advance payment, they will allways tell you that everthings ok & not too worry or maybe even that another company/receivers need the project finished & sold so they can get the monies in to lower the losses & pay you. But you will allways be at the back off the queue after the receivers fees,solicitors & legal fees, bank loans,material creditors & finally labour creditors.
good luck phil what ever you choose.
 
Sadly the contractors staff on site, being paid monthly in arrears, are also hoping the company will not close as they will not be paid their end of month's salary - another trick these 'administrators' pull. (i'm still owed £4000+, wage and exe's, from a company in admin from 2009)
 
Was that in the UK Binthere? I was under the impression employee's were looked after through their contributions. There was one round here a while back, the boys may have had to wait a while but they all got paid out in the end and none it was any thanks to the owner.
 
You do get a pay-out of around £300 per week from the government (subject to tax) however my 'wage' was a lot higher as I provided my own vehicle etc. I will not recoupe my personal losses on this one, it also took a few months to find employment elsewhere.

Yes it was a UK company just caught up in bank borrowing when the banking crisis hit.
 
Sorry to hear it Phil, Hopefully they are only contractors not the developers, and if the jobs are not finished, the clients may appoint another contractor to complete, if your gear is on site, it would be cheaper for them to retain your services rather than get you to strip and clear, then go and get another firm in to re-erect.
Had it happen to me far too many times, but generally if the job was incomplete and we had the scaffold still up and the developer wanted to finish the job and recoup his investment, we always managed to get our money.
So there may be an opportunity here to recover some losses out of this mess.
Coming out of the recession is the most dangerous time for contractors and we should all be wary of contractors extending credit terms no matter how big they are!
good luck mate
 
Good point Hatter, too big to fail and all that.
 
Following on from Hatterscaff's post I had a similar thing when Scanmoor went bust on a job we had in Hampstead. We were 100% erected on a block of flats. After 2-3 months the incoming contractor accepted all our quoted dismantle costs plus the extra hire rates as the hire cost for the duration of their occupancy. (a further year). In the end an originally sorry job came to a profitable conclusion making up the non payments from the last weeks of Scanmoor. We did not recieve anything from Scanmoors liquidation being a non-preferential creditor.
 
Binthere said:
Following on from Hatterscaff's post I had a similar thing when Scanmoor went bust on a job we had in Hampstead. We were 100% erected on a block of flats. After 2-3 months the incoming contractor accepted all our quoted dismantle costs plus the extra hire rates as the hire cost for the duration of their occupancy. (a further year). In the end an originally sorry job came to a profitable conclusion making up the non payments from the last weeks of Scanmoor. We did not recieve anything from Scanmoors liquidation being a non-preferential creditor.
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Good post binthere, makes sense that someone else will eventually pick up the pieces and finish the project. Might work out ok Tho this may not help Phil out at the mo.
 
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